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Rowan County approves $45 million referendum-backed community college bond financing after debate over cash vs. debt
Summary
After extended discussion about reserves, interest costs and flexibility, the Rowan County Board of Commissioners voted to adopt a resolution authorizing issuance of voter‑approved general obligation community college bonds and to proceed with the planned financing schedule.
Rowan County commissioners voted Feb. 16 to adopt a resolution authorizing the issuance of up to $45 million in voter‑approved general obligation (GO) bonds for Rowan‑Cabarrus Community College, following a lengthy presentation from county financial advisers and extended commissioner debate over whether to use cash or debt.
Amy Vittner of First Tryon Advisors told the board the county is within the seven‑year window to issue the GO bonds approved by voters in 2020 and recommended a 15‑year amortization, estimating a blended interest rate of about 3.5 percent and an initial 2027 debt service near $4.6 million. Vittner said the county’s debt metrics — debt service as a share of expenditures, debt per capita and…
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